Apple Posts Blowout Record March Quarter Earnings [Update]

By Bryan Chaffin

Apr 24th, 2012 5:40 PM EDT

Apple announced earnings for the March quarter on Tuesday, posting yet another record quarter that most analysts are likely to consider a blowout. The company posted revenues of $39.2 billions and earnings of $11.6 billion, which translates into earnings per share of $12.30.

Those results are up from the $24.7 billion in revenue and EPS of $6.40 reported in Q2 2011. That’s an 88 percent increase in revenues year-over-year, and a 94 percent increase in earnings year over year.

To hit those sales and profit numbers, Apple sold some 35.1 million iPhones, at the high end of analyst estimates, and an 88 percent increase year-over-year. The company sold 11.8 million iPads, at the mid range of analyst estimates, and a 151 percent increase year-over-year.

“We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” Apple CEO Tim Cook said in a statement. “The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”

Apple added $14 billion in cash to its already vast hoard, far and away more than the amount the company will be paying out in its new dividend program and stock buyback program when those shareholder benefits begin later this year.

Apple is guiding for $34 billion in revenue for the June quarter and EPS of $8.68. It remains to be seen how analysts will take that guidance, but the revenue numbers will represent a sizeable year-over-year growth and strong earnings growth, as well.

The stock is up sharply in after hours trading—as of this writing, the stock was trading at $598.40, up $38.12 (+6.80 percent).

[Update: This article was updated with additional details.]

*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.